Chemical Finance completed its merger with TCF Bank on 8/1/2019 for Chemical Finance stock. Chemical Finance then changed its name to TCF Bank Holding and its ticker symbol to TCF.

The SEC filing for this merger can be found through the new web site at:

https://www.snl.com/Cache/c397794327.html#toc.  The tax consequences are described starting on page 130.

Resolution:

This merger is a standard merger. The information below is based on the information available from a proxy filing with the SEC. Price information is from websites offering historical prices.

Due to the name and ticker symbol change of Chemical Finance to the name and ticker symbol of the non-surviving company in the merger shareholders for each company will enter the merger differently.

Chemical Finance shareholders

For Chemical Finance shareholders this merger is more easily entered as a merger into the new merged company using the ticker symbol TCF

The Merger Entry

Go to Transactions > Merger or Accounting > Securities > Record merger of securities depending on the version of the software being used. If you are unfamiliar with merger transactions you can get help at this URL: https://www.myiclub.com/faq/article.aspx?id=52

Here is the information you need to complete the merger.

• Date: 8/1/2019
• Old Security or Merging Company: Chemical Finance (CHFC)
• Price per share of old Security / CHFC:  Use last valuation, if needed
• Cash received:  See your broker statement for cash-in-lieu
• New Security: TCF Bank (TCF)
• New Security Price: 42.65 (Opening price on 8/1/2019)
• Shares received : same as #of CHFC shares owned.
  • (Remember to include fractional shares.)
  • For example, if you owned 100 CHFC shares, you should receive 1 x 100 = 100 TCF shares.

Save the transaction and the merger has been entered.

TCF Bank shareholders

Due to the name and ticker symbol change after the merger it is a bit easier to treat this merger as a reverse stock split for TCF shareholders. This is because the ticker symbol and name will be the same before and after the merger.

The Stock Split Entry

Go to Transactions > Stock Split  or Accounting > Securities > Record stock split

Date: 8/1/2019

Company: TFC Bank (TFC)

Split ratio:  50.81 for 100

Cash for fractional share:  See your broker statement

Save the transaction and the reverse split portion has been completed. When you look at the transaction later the program probably will display the split ration as .5081 to 1.

The tax consequences of this reverse split are the same as for the merger.